March 30, 2010
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http://www.invincible-inv.co.jp/eng/
Asset Management Company:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Yuji Kubo, CFO(Tel. +81-3-3272-7311)

Notice concerning Change of Terms of Existing Borrowings
INV Investment Corporation. (INV) announces that it has today decided to change part of terms ofthe existing borrowings as follows.
1. Reason of change
Based on agreement with the following debtor banks, INV has decided to change the part of termsof borrowings; “term loan”, “24 individual credit loan” and “25 individual credit loan”, disclosed in thepress release titled “Notice Concerning Change of Terms of Existing Borrowings” dated February
26, 2010, and of borrowing; “Term loan (D)”, disclosed in the press release titled “NoticeConcerning Change of Terms of Existing Borrowings” dated March 1, 2010. Details are as follows.
2. Details of borrowings(1) Term loan
Before changea. Debtor bank:b. Borrowing amountc. Interest rate etc.

::

d. Method of borrowings:

e. Borrowing date:Aozora bank, Ltd. (agent)
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Resona Bank, Ltd.
THE NISHI-NIPPON CITY BANK, LTD.
The Musashino Bank, Ltd.
Shinsei Bank, Limited
The Chuo Mitsui Trust and Banking Company, Limited
JPY 13,257 million (Note)
2.83727 % (from February 27, 2010 to March 30, 2010)
Variable
Borrowing based on term loan agreement (including change oradjustments made thereafter) as of November 19, 2009
Mortgage / non guarantee
November 24, 20091

f. Interest payment date:g. Method of repayment:

h. Maturity datei. Maturity date of partial
repayment::“December 30, 2009”, “January 29, 2010”, “February 26, 2010”
and the maturity datePart of borrowing (JPY 35 million) is repaid on the maturity date of
the partial repayment and the rest of borrowing is repaid in full on
the maturity date.
March 30, 2010
“December 30, 2009”, “January 29, 2010” and “February 26, 2010”(Note) Regarding term loan, part of borrowing (JPY 35 million each) was repaid on the maturity date of partial
repayment (December 30, 2009, January 29, 2010 and February 26, 2010). Also, part of borrowing(JPY 31 million) was repaid as of today. The borrowing amount is after these repayments and figures
are rounded down to the indicated unit.

After change (only places changed)c. Interest rate etc.
:
2.75455 % (from March 31, 2010 to April 30, 2010)
Variablef. Interest payment date:
“December 30, 2009”, “January 29, 2010”, “February 26, 2010”and “March 30, 2010”, “April 30, 2010” and the maturity date(When changing the maturity date to “June 30, 2010”, “May 31,2010” is also added as an interest payment date)g. Method of repayment:
Part of borrowing (JPY 35 million (however, from March 30, 2010
and onwards; JPY 31 million)) is repaid on the maturity date ofpartial repayment and the rest of borrowing is repaid in full on thematurity date.
:h. Maturity date
May 31, 2010 (Note)i. Maturity date of:“December 30, 2009”, “January 29, 2010”, “February 26, 2010”,“March 30, 2010” and “April 30, 2010” (When changing thepartial repayment
maturity date to “June 30, 2010”, “May 31, 2010” is also added asa maturity date of partial repayment)(Note) Should the terms as provided in the term loan agreement be satisfied, the maturity date is extended
automatically to June 30, 2010.

(2)

24 individual credit loan
Before changea. Debtor bank:b. Borrowing amount:c. Interest rate etc.
:
d. Method of borrowings:

e. Borrowing date:Aozora bank, Ltd. (agent)
JPY 4,180 million (Note)
2.75545 % (from February 27, 2010 to March 30, 2010)
Variable
Borrowing based on term loan individual agreement (24individual credit loan) (including change or adjustments madethereafter) with the debtor bank above "a." as of November 19,
2009, in accordance with term loan master agreement as ofNovember 19
Mortgage / non guarantee
November 24, 20092

f. Interest payment date:g. Method of repayment:

h. Maturity datei. Maturity date of partial
repayment::“December 30, 2009”, “January 29, 2010”, “February 26, 2010”and “the maturity date”
Part of borrowing (JPY 9.5 million) is repaid on the maturity dateof partial repayment and the rest of borrowing is repaid in full on
the maturity date.
March 30, 2010
"December 30, 2009", "January 29, 2010" and "February 26,2010"(Note) Regarding 24 individual credit loan, part of borrowing (JPY 9.5 million each) was repaid on December
30, 2010, January 29, 2010 and February 26, 2010. Also, part of borrowing (JPY 9.5 million) wasrepaid as of Today. The borrowing amount is after the repayment of part of borrowing and figures arerounded down to the indicated unit.

After change (only places changed)c. Interest rate etc.
:
2.75455 % (from March 31, 2010 to April 30, 2010)
Variablef. Interest payment date:
“December 30, 2009”, “January 29, 2010”, “February 26, 2010”,“March 30, 2010”, “April 30, 2010” and “the maturity date”(When changing the maturity date to “June 30, 2010”, “May 31,2010” is also added as an interest payment date)h. Maturity date:
May 31, 2010 (Note)i. Maturity date of partial:“December 30, 2009”, “January 29, 2010”, “February 26, 2010”,“March 30, 2010” and “April 30, 2010” (When changing therepayment
maturity date to “June 30, 2010”, “May 31, 2010” is also added
as a maturity date of partial repayment)(Note) Should the terms as provided in the term loan agreement be satisfied, the maturity date is extended
automatically to June 30, 2010.

(3)

25 individual credit loan
Before changea. Debtor bank:b. Borrowing amount:c. Interest rate etc.
:
d. Method of borrowings:

e. Borrowing datef. Interest payment date::

Shinsei Bank, Limited
JPY 1,203 million (Note)
2.75545 % (from February 27, 2010 to March 30, 2010)
Variable
Borrowing based on term loan individual agreement (25individual credit loan) (including change or adjustments madethereafter) with the debtor bank above "a." as of November 19,2009, in accordance with term loan master agreement as ofNovember 19
Mortgage / non guarantee
November 24, 2009
“December 30, 2009”, “January 29, 2010”, “February 26, 2010”and “the maturity date”

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g. Method of repayment:

h. Maturity datei. Maturity date of partial
repayment::

Part of borrowing (JPY 3.5 million) is repaid on the maturity dateof partial repayment and the rest of borrowing is repaid in full on
the maturity date.
March 30, 2010
"December 30, 2009", "January 29, 2010" and "February 26,
2010"(Note) Regarding 25 individual credit loan, part of borrowing (JPY 3.5 million each) was repaid on December
30, 2009, January 29, 2010 and February 26. Also, part of borrowing (JPY 3.5 million) was made asof Today. The borrowing amount is after the repayment of part of borrowing and figures are rounded
down to the indicated unit.

After change (only places changed)c. Interest rate etc.
:
2.75455 % (from March 31, 2010 to April 30, 2010)
Variablef. Interest payment date:
“December 30, 2009”, “January 29, 2010”, “February 26,2010”, “March 30, 2010”, “April 30, 2010” and “the maturitydate” (When changing the maturity date to “June 30, 2010”,“May 31, 2010” is also added as an interest payment date)h. Maturity date:
May 31, 2010 (Note)“December 30, 2009”, “January 29, 2010”, “February 26, 2010”,
i. Maturity date of partial:“March 30, 2010” and “April 30, 2010” (When changing therepayment
maturity date to “June 30, 2010”, “May 31, 2010” is also added
as a maturity date of partial repayment)(Note) Should the terms as provided in the term loan agreement be satisfied, the maturity date is extended
automatically to June 30, 2010.

(4)

Term loan (D)Before changea. Debtor bank:b. Borrowing amountc. Interest rate etc.

::

d. Method of borrowings:

e. Borrowing datef. Interest payment dateg. Method of repayment
h. Maturity date::::

The Chuo Mitsui Trust and Banking Company, LimitedAozora Bank, Ltd.
Resona Bank, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
The Musashino Bank, Ltd.
JPY 11,476 million (Note)
1.75636 % (from March 4, 2010 to March 30, 2010)
Variable
Borrowing based on term loan agreement (D) as of February 1,
2010 (including change or adjustments made thereafter).
Mortgage / non guarantee
February 3, 2010
March 3, 2010 and the maturity date
The borrowing is repaid in full on the maturity date.
March 30, 2010(Note) Regarding term loan (D), part of borrowing (JPY 23 million) was repaid as of today. The borrowing
amount is after the repayment of part of borrowing and figures are rounded down to the indicated unit.

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After change (only places changed)c. Interest rate etc.
:
1.75455 % (March 31, 2010 to April 30, 2010)
Variablef. Interest payment date:“March 3, 2010”, “March 30, 2010”, “April 30, 2010” and “thematurity date” (When changing the maturity date to “June 30,2010”, “May 31, 2010” is also added as an interest paymentdate)g. Method of repayment:
Part of borrowing (JPY 23 million) is repaid on the maturity dateof partial repayment and the rest of borrowing is repaid in full on
the maturity date.
h. Maturity date:
May 31, 2010 (Note)i. Maturity date of partialrepayment:“March 30, 2010” and “April 30, 2010” (When changing thematurity date to “June 30, 2010”, “May 31, 2010” is also added
as a maturity date of partial repayment)(Note) Should the terms as provided in the term loan agreement be satisfied, the maturity date is extended
automatically to June 30, 2010.

3. Future outlook
No impact is being made to the outlook on performance for the fiscal period ending December
2010 (January 1, 2010 to December 31, 2010).
4. Others: for appropriate understanding of investors
Regarding the loan repayment risk, there is no important change to the “Investment risks”
description in the latest securities report submitted today.
[For Reference]
Borrowing amount outstanding after the repayment(Units: mn JPY, figures rounded down to a mn JPY)

Beforerepayment

After repayment

Balance

Short-term debt

30,18530,118-67

Current portion of long-term debt

39,04538,845-200

Long-term debt－－－

Total debt
69,23068,963-267(Note) Borrowing amount outstanding is after the repayments of parts of borrowings; “Term loan”, “24individual credit loan”, “25 individual credit loan”, “Term loan (GE Japan Co., Ltd.)” and “Term loan (D)”Note: This English language notice is a translation of the Japanese language notice released on March30, 2010 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurance are given for its accuracy or completeness of this English translation.

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